The Sheer Volume of Available Information on the Economy, Population

question 9

Multiple Choice

The sheer volume of available information on the economy, population, and business activities is the major strength of most __________ data sources.

• A) book and periodical
• B) primary
• C) commercial
• D) internal
• E) government

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Definitions:

Purchases Returns

Goods returned by the buyer to the supplier due to defects, damage, or other reasons, which can reduce the total amount of purchases.

Retail Inventory Method

An accounting technique used in retail to estimate the ending inventory value based on the relationship between the cost and selling price of goods.

Cost-to-retail Ratio

A method used in inventory accounting that estimates the value of ending inventory by calculating the cost to retail price ratio.

Homogeneous Inventory

An inventory system where all items are similar in nature and use, making management and valuation processes more straightforward.